Going Global_Internationalization Strategies

Slide 1: Go ing g lo bal: Inte rnatio nalizatio n s trate g ie s Ro bin Te ig land S to c kho lm S c ho o l o f Ec o no mic s ro bin.te ig land@hhs .s e www.kno wle dg e ne two rking .o rg www.s lide s hare .ne t/e te ig land April 2008

Slide 2: What is globalization? A process (or set of processes) which embodies a transformation in the spatial organization of social relations and transactions – assessed in terms of their extensity, intensity, velocity, and impact – generating transcontinental or interregional flows and networks of activity, interaction, and the exercise of power Held et al, 2003

Slide 3: Why globalization? The information age in which we live allows both large and small businesses to thrive on a global scale. Technologies like the internet, mobile phones, etc. have made our shrinking world even smaller. Kingsley 2005

Slide 4: Global supply chains - Dell Surrounding every Dell factory are supplier logistic centers owned by the different suppliers of Dell parts - Friedman 2005 Susanto

Slide 5: International production network – Boeing 787 Networked internationalization is at the core of the production process - Castells 2000

Slide 6: Patterns of internationalization HIGH Trading Global industries industries --aerospace --automobiles --military hardware --oil --diamond mining --semiconductors --agriculture --consumer electronics International trade Domestic Multidomestic industries industries --railroads --laundries/dry cleaning --retail banking --hairdressing --hotels LOW --milk --consulting LOW Foreign direct HIGH investment Grant 2007

Slide 7: The Radio Model You are listening to WWBH, Kiss FM! Adapted from Sölvell

Slide 8: You are listening to WWBH, Kiss FM! Ask yourself four basic questions WHY? WHERE? BRING? HOW? Adapted from Sölvell

Slide 9: Internationalization framework INDUSTRY ENVIRONMENT FIRM RESOURCES •Rivalry among firms & CAPABILITIES •Barriers to entry • Financial resources •Bargaining power of suppliers • Physical resources •Bargaining power of buyers • Technology •Substitute products/services • Reputation • Functional capabilities • General management WWBH capabilities NATIONAL ENVIRONMENT • Political environment • Economic environment • Social environment • Technological environment • Environmental environment • Legal environment • National culture • Cluster conditions

Slide 11: Why internationalize?  To build global efficiency  Benefiting from differences in factor costs – wages, cost of capital  Expanding and exploiting potential scale economies - manufacturing, R&D, sales & marketing  Sharing of investments and costs across markets and businesses  To manage risks through multinational flexibility  Different kinds of risks arising from market- or policy-induced changes in comparative advantages of different countries  Portfolio diversification of risks and creation of options and side bets  To facilitate innovation and learning  Tapping into a skill base, eg. technological, organizational, managerial  Benefiting from experience – cost reduction and innovation  Synergies and shared learning across different products, markets, or businesses  Other  Following global customers  Building reputation, changing identity Adapted from Grant 2007

Slide 12: Forces for worldwide innovation and learning  Increasing pace of technology development  Shortening product life-cycles  Rising R&D costs  Increasing number of multinationals with capability to develop and diffuse innovation globally Increasing need to develop worldwide organization as a learning system Innovative capability as emerging source of competitive advantage Adapted from Grant 2007 2-11

Slide 13: Did You Know: Shift Happens http://www.youtube.com/watch?v=pMcfrLYDm2U Which globalization forces are presented? 13

Slide 14: But….  Not every firm is ready to internationalize  Prematurely venturing outside borders may harm overall firm performance, especially for smaller firms with small margin for error • Long-term investment • High ambitions - risk • Commitment - exit barriers Adapted from Sölvell

Slide 17: Where? ? ? ? ? ? ? ? ? ? ? ? ? ? 192 member states in UN !!! Wikipedia

Slide 18: PESTEL – What characterizes the national environment? Political Economic National Legal environment Social Environmental Technological Johnson & Scholes 1997 18

Slide 19: 2. Which of these will  Political  Global, regional, development (administration, parties)  Taxation policy  Foreign trade regulations  Labour market politics  Government stability  Terrorism  Social  Population demographics  Income distribution  Social mobility  Lifestyle changes  Attitudes to work and leisure  Attitudes to consumerism  Levels of education  Changes in values/attitudes  Education conditions  Work environment conditions  Health conditions  Environmental  Ecology  Pollution conditions  ”Green” energy  Energy conservation  Waste handling 1. Which of these are the most important at the present time? be the most important in the next few years?  Economic and national political  Business cycles political  GNP trends  Interest rates & exchange rates  Money supply  Inflation  Unemployment  Wage level  Private consumption and disposable income  Public finances  Energy availability and cost  Technological  Government spending on research  Government and industry focus of technological effort  New discoveries/development  Speed of technology transfer  Rates of obsolescence  New patents and products  Legal  Development in price and competitive legislation  Labour market legislation  Product safety and approvals 19

Slide 20: How far is the distance from the home country?  Cultural distance  Difference between two cultures along some identifiable dimensions, eg such as power distance  Institutional distance  Extent of similarity or dissimilarity between regulatory, normative, and cognitive institutions of two countries Grant 2007

Slide 21: Differences in uncertainty avoidance and power distance Grant 2007

Slide 22: Five dimensions of national culture Differences in national culture found to result in different organizational and administrative practices and employee expectations (Kogut & Singh 1988, Zander 1997, Straub 1994) 1. Power distance  Degree that less powerful members of organizations and institutions accept and expect that power is distributed unequally 2. Individualism  Degree that individuals are integrated into strong cohesive groups 3. Masculinity  Degree that values are characterized by assertiveness and competitiveness vs modesty and caring 4. Uncertainty avoidance  Degree that individuals feel comfortable with ambiguity, uncertainty, unstructured situations 5. Long-term orientation – Degree that individuals deal with virtue regardless of truth (thrift and perseverance) vs tradition, fulfilling social obligations, and protecting “face” Hofstede 1980, 2003

Slide 23: Three pillars of institutional profile Differences in institutional profile found to result in adoption of different organizational and administrative practices (Kostova & Roth 2002, Busenitz et al. 2000) 1. Regulatory  Government policies and legal system 2. Normative  Value systems 3. Cognitive  Widely shared social knowledge Note: Cross-cultural management researchers are divided as to whether national culture and institutional profile are distinct. Scott 1995

Slide 24: Porter’s diamond model

Slide 25: What is the quality of the business environment? Porter’s Diamond Model

Slide 26: Is there a cluster to tap into? Haan

Slide 27: A high-technology cluster in Israel  Recognized as excellent source of technology innovation  Largest concentration of high-tech companies outside US  Created category leaders in various industries  Tremendous concentration of global technology leaders Haan

Slide 28: The Boston Life Sciences Cluster – Porter 2005

Slide 29: Nations/regions are trying to attract investment

Slide 30: After this preliminary screening… Which foreign markets warrant further detailed investigation?

Slide 32: Industry definition A group of firms producing products that are close substitutes for each other Porter 32

Slide 33: How big is the profit and who is after it? vs Profit Profit 33

Slide 34: Five forces of competition SUPPLIERS Bargaining power of suppliers INDUSTRY COMPETITORS Threat of Threat of POTENTIAL ENTRANTS SUBSTITUTES new substitutes entrants Rivalry among existing firms Bargaining power of buyers BUYERS Porter 34

Slide 35: Rivalry between established competitors What makes  Numerous or equally balanced competitors competitors “fight” harder?  Slow industry growth  High fixed costs  Lack of differentiation or switching costs  Capacity augmented in large increments  High strategic stakes  High exit barriers Porter 35

Slide 36: Bargaining power of buyers Who decides the price? Buyer’s price sensitivity Relative bargaining power • What is cost of product as % •What are size and of buyer’s total costs? concentration of buyers • How differentiated is the relative to sellers? purchased item? •What are buyer’s switching • How intense is competition costs? between buyers? •What is buyer’s information? • How important is the item to •What is ability to backward quality of the buyer’s own output? integrate? Porter 36

Slide 37: Bargaining power of suppliers Who decides the price? Supplier’s price sensitivity Relative bargaining power •What is cost of supplies as % of •What are size and total supplier’s sales? concentration of sellers •How differentiated is the relative to buyers? supplied item? •What is supplier’s •How intense is competition information? between suppliers? •What is supplier’s ability to forward integrate? Porter 37

Slide 38: How “easy” is Threat of substitutes it to switch? Existence of substitutes places Point A ? Point B ceiling on prices that can be charged •Same function ● Train/plane/car/ICT •Better price-performance ● Books/videos ● Record-players/CD-players ● Security guards / electronic alarm systems Porter 38

Slide 39: Threat of new entrants  High capital requirements What keeps new  High economies of scale competitors out -  Strong customer loyalties  High switching costs barriers to entry?  High product differentiation  Limited access to distribution channels  High legal/regulatory barriers  Large cost disadvantages independent of scale ● Ex. Proprietary technology, raw materials, location, learning curve, government subsidies  Strong retaliation by industry participants Porter 39

Slide 42: Can you enter from a vantage point? Adapted from Sölvell

Slide 43: What do you bring? ORGANIZATIONAL CAPABILITIES Organization Management Structure Systems RESOURCES TANGIBLE INTANGIBLE HUMAN •Financial •Technology •Skills/know-how •Physical •Reputation •Capacity for •Culture communication & collaboration •Motivation Grant 2007 43

Slide 44: Functional classification of organizational capabilities FUNCTION CAPABILITY EXAMPLES Corporate Financial management ExxonMobil, GE management Strategic control IBM, Samsung Coordinating business units BP, P&G Managing acquisitions Citigroup, Cisco MIS Speed and responsiveness through Wal-Mart, Dell, rapid information transfer Capital One R&D Research capability Merck, IBM Development of innovative new products Apple, 3M Manufacturing Efficient volume manufacturing Briggs & Stratton Continuous Improvement Nucor, Harley-D Flexibility Zara, Four Seasons Design Design capability Apple, Nokia Marketing Brand management P&G, LVMH, Coke Quality reputation Johnson & Johnson Responsiveness to market trends MTV, L’Oreal Sales, distribution Sales responsiveness PepsiCo, Pfizer & service Efficiency and speed of distribution LL Bean, Dell Customer Service Singapore Airlines Caterpillar Grant 2007 44

Slide 45: How well can you sustain your advantage?  Scarcity: How scarce are your resources?  Imitability: How easy is it to imitate your resources and capabilities?  Bundled: How easy is it to identify your resources and capabilities? Adapted from Grant 2007

Slide 46: Leveraging resources and capabilities for success

Slide 48: Modes of entry choice  Exporting  Direct or indirect sales of services or products in foreign market from home market.  Licensing  Arrangement where firm (licensor) grants to independent foreign firm (licensee) rights of intangible assets (patents, trade secrets, know-how, trade marks, or company name) to produce firm's product or service in their country for negotiated fee - normally royalty payments on number of units sold.  Franchising  Specialized form of licensing in which firm (franchisor) licenses business system as well as other property rights to franchisee. Franchisor licenses way of organizing and conducting a business under its trade name and in return, the franchisor receives fees, running royalties, and other compensations from franchisee.  Turnkey  Firm agrees to handle every detail of project for foreign client, including training of personnel, and at completion “hands over key” to foreign client.  Joint venture  International firm shares in ownership of an enterprise in target country. Most commonly, international firm agrees to share capital and other resources with another local firm.  Wholly owned subsidiary  Firm acquires 100 percent of firm or sets up own through greenfield. Hill 2000

Slide 49: A hierarchical model of entry choice modes Commitment Adapted from Y. Pan & D. Tse, 2000, The hierarchical model of market entry modes (p. 538), Journal of International Business Studies, 31: 535–554.

Slide 50: Criteria for selecting entry mode Trade-off of four critical variables 1. Control - Ability to influence systems, methods, and decisions in operation of target market 2. Transfer risk - Possibility that firm specific advantages in know-how will be expropriated 3. Resource intensity (cost) - Amount of dedicated assets, eg management, marketing, provision of technical support, and human resources 4. Learning - Ability to gain foreign market knowledge, eg customer preferences, techniques of foreign operation, ways of doing business, legal rules, etc. Delfman Delfmann

Slide 51: Assessing trade-offs of entry modes Delfmann

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Slide 53: Advantages & disadvantages of entry modes Entry Mode Advantage Disadvantage Franchising Low development costs and Lack of control over quality risks Inability to engage in global strategic coordination Joint Access to local partner’s Lack of control over technology ventures knowledge Inability to engage in global strategic Sharing development costs and coordination risks Inability to realize location and Politically acceptable experience economies Wholly Protection of technology High costs and risks owned Ability to engage in global subsidiaries strategic coordination Ability to realize location and experience economies Hill 2000

Slide 54: Entry Modes - Exporting Advantages Disadvantages  Avoids the often substantial cost of  Not appropriate if lower cost manufacturing establishing manufacturing locations  May help firm achieve experience curve &  High transport costs can make exporting location economies uneconomical especially bulk products  Firm may manufacture in centralized  Tariff barriers can make exporting location & export to other national uneconomical markets to realize scale economies from global sales volume (Sony/TV, Matsushita/VCR, Samsung/Chips)  If firm delegates marketing, sales & service to another company they may have divided loyalties because they carry competing products or are a large MNE (Diebold)  Can set up wholly owned subsidiaries to handle local marketing & sales -> can exercise tight control while reaping cost advantage of manufacturing in a single location Burke

Slide 55: Entry Mode - Licensing Advantages Disadvantages  Receive royalties for granting the  Does not give firm tight control over rights to intangible property to manufacturing, marketing & strategy licensee for specified period (patents, to realize experience curve & location inventions, formulas, processes, economies designs, copyrights, trademarks)  Does not allow firm to coordinate  Licensee puts up most of the capital to strategic moves across countries by get the operations going – mitigates using profits earned in one country for development cost & risk competitive attacks in another  Allows firm to participate where there  Firms can lose control over the are barriers to investment (Fuji-Xerox) competitive advantage of their technological know-how.  Frequently used when firm possesses  Cross-licensing can mitigate risk intangible property but does not want by holding each other hostage for to develop the business application misuse itself (Coco-Cola/clothing)  Firms can reduce risk by forming a joint venture with each party taking equity stakes  Primarily used by manufacturing firms Burke

Slide 56: Entry Modes – Turnkey Project Advantages Disadvantages  Means of exporting process  Firm has no long term interest in the technology (chemical, pharmaceutical, country – can take minority equity petroleum, mining) interest in company  Know-how to assemble & run  Firm may inadvertently create a technologically complex process is competitor (middle east oil refineries) valuable asset – earn economic benefit from asset  If firm’s process technology is a source of competitive advantage, then  Strategy useful where governments selling technology is also selling restrict FDI - less risky than competitive advantage to potential conventional FDI competitors Burke

Slide 57: Entry Mode - Franchising Advantages Disadvantages  Involves longer term commitment  No manufacturing so no location than licensing. Primarily used by economies & experience curve service firms (McDonalds)  May inhibit the ability to take profits  Franchiser sells intangible property out of one country to support (trademark) & insists franchisee competitive attacks in another agrees to abide by strict business rules (location, methods, design, staffing, supply chain)  Risk of worldwide reputation if no quality control  Firm can set up “master  Royalty payments that are some franchise” in each country – percentage of franchisee’s revenues subsidiary which is JV (McDonalds & local firm)  Firm relieved of many costs & risks of opening new market. Burke

Slide 58: Entry Mode – Joint Ventures Advantages Disadvantages  Typically 50/50 with contributed team of  Risk of giving away your technology to a managers to share operating control partner  Hold majority ownership for more  Firm benefits from local partner’s knowledge control in venture of competitive conditions, culture, language,  Wall-off technology that is central to political system & business system your core competency  Sharing market development costs & risks  Does not give firm control over with local partner subsidiaries that it might need to realize experience curve or location economies  In some countries, political considerations make JVs the only feasible entry mode  Global strategic coordination – firm use JV for checking competitor market share and limiting cash available for invading other markets (TI & Japan)  Shared ownership can lead to conflicts & battles for control if goals/objectives change or they take different views on strategy Burke

Slide 59: Entry Mode – Subsidiary Advantages Disadvantages  When there is technological  Most costly method of market entry competence wholly-owned subsidiary reduces risk over losing control  Risk associated with learning to do business in a new culture  Give firm tight control over operations in country -> engage in strategic coordination with profits  Can realize location & experience curve economies – centrally determined decisions Burke

Slide 60: Greenfield or Acquisition  Greenfield  better ability to build organization you want  Easier to establish own culture & operating routine  Do not have revenue & profit history  Slower to establish – need to understand how to do business in that country  Acquisition  50%-80% of FDI is acquisition  Quick to execute – rapidly build presence  Acquisitions can preempt competition  Buying known revenue & profit stream  Need to marry divergent corporate cultures Burke

Slide 61: Scale of entry: Commitment and experience  Large-scale entry  Benefits  Demonstration of strategic commitment to certain markets, which both assures local customers and suppliers and deters potential entrants  Drawbacks  Large-scale entry limits strategic flexibility elsewhere  Entrants must incur sizable losses if the large-scale entry “bet” turns out to be wrong  Small-scale entry  Benefits  Less costly if entry is unsuccessful  Organization learns through hands-on experience in host countries  Drawbacks  Lack of strong strategic commitment, which may lead to difficulties in building market share and capturing first mover advantages Ahlstrom & Cook

Slide 62: Strategic alliances growing in importance  Cooperative agreement involving mutual dependence and shared decision making between potential or actual competing organizations  Multiple forms including JVs, R&D collaborations, piggy backing, sourcing relationships, etc.  Differ from traditional JVs  Increasingly between firms in industrialized nations  Focus on creation of new products and technologies rather than distribution of existing ones  Reasons  Rising R&D costs  Shortening product life cycles  Growing market entry barriers  Increasing need for global scale economies  Expanding importance of global standards  Uncertainty in technological developments GEB 6365

Slide 63: Managing strategic alliances  Understanding logic of collaboration  Identifying when, where, and why to collaborate  Usually one of several options for pursuing a strategic goal (eg product exchange, learning, market positioning) - never an end in itself  Alternatives to collaboration: self-sufficiency, buying inputs or skills, full acquisition  Selecting partners  Knowing how to maximize benefits and minimize risks of partnerships  Complementary needs and resources/capabilities  Access to market  Structuring alliances  Choosing organizational forms that provide incentives for success  Contracts vs. equity relationships GEB 6365

Slide 64: General Motors’ alliances with competitors SAAB -5). logy AVTOVAZ (2000 echno FIAT Ru ssi ned n on t ow tio an 50% s JV 20%labora onent to p rod owned Col comp SUZUKI uce and 10% car own s ed. Co-p rodu 20% owned; join ction GM t production FUJI JV to p duction 60% rod ISUZU ned . Co-pro owned uce 49%ow car s in Ch 40% investment IBC Vehicles ina 50 pro .9 du Ltd. (U.K.) % ct 50% SAIC ow ion owned ne co (Makes vans in UK) d; lla te bo New United Motor ch ra ni tio Manufacturing ca n TOYOTA l& 50% owned Inc. (NUMMI) (Makes cars in US) DAEWOO Grant 2007

Slide 65: Timing of entry  Early entry  Firm enters foreign market before other foreign firms  First mover advantage  Ability to preempt rivals & capture demand by establishing strong brand name  Build sales volume and ride down experience curve with cost advantage  Create switching cost that tie customers into products & services  First mover disadvantages - Pioneering costs  Time & effort in learning rules  Mistakes due to ignorance  Liability of being foreigner  Costs of promoting & establishing product – educating customers (KFC in China -> benefit to McDonald’s) Adapted from Delfmann

Slide 66: Dynamics of internationalization Ongoing assessment of trade-offs and resources and capabilities Decision to increase internationalization Ongoing evaluation involvement of national and industry environments

Slide 67: Typical internationalization process 2. Sporadic exporting in response to unsolicited requests 3. Systematic exporting 4. Licensing to a foreign company 5. Strategic alliances 6. Establishing a wholly owned sales subsidiary 7. Acquiring existing foreign operations 8. Establishing foreign manufacturing and/or R&D Fey 2008

Slide 69: Often forced trial-and-error Don´t forget 5 forces analysis! Lessons Focus often put here WWBH Often forgotten Implicit Often overstated Changed logic over time Adapted from Sölvell

Slide 70: Activio (www.activio.se)  Vision  To stimulate and improve physical activity and in the long term contribute to an increased wellbeing of today’s society  Business  Develops, manufactures, and markets heart-rate measurement systems for sports and health industry  Systems in fitness centers, schools, professional sports clubs (eg Real Madrid and FC Barcelona)  Organization  Founded 2004  Competencies  Health and fitness, physiology, technology  Home country Sweden  In use in  Sweden, Norway, Denmark, Finland  United Kingdom, Netherlands, Spain, Slovenia  Turkey, Dubai

Slide 71: Exercise – Help Activio internationalize  You are consultants to Activio (www.activio.se)  In pairs, develop preliminary recommendations for Activio’s management Should Activio enter India? And if so, how? 71

Slide 73: What about recent developments in virtual worlds?

Slide 74: The number of virtual worlds is growing Wonderland Teigland 2008

Slide 75: Second Life – one example of a virtual world  Film by Duke CE  http://www.youtube.com/watch?v=Bi 5i3UwVvbg Teigland 2008

Slide 76: Why should we be interested? Second Life as an example (March 2008): ~50,000 people online at any one time ~1,350,000 people logged on during past 60 days ~1,500,000 USD spent every day on virtual goods and services >Numerous multinationals going virtual Teigland 2008

Slide 77: Reaching out to co-create today’s solutions… Philips Design Group Teigland 2008

Slide 78: ..and even tomorrow’s solutions Building the house of the future in an HSB competition Teigland 2008

Slide 79: Improving national competitiveness •China’s “virtual world where millions will work, communicate, and be in love” •7 mln local + 150 mln overseas Chinese •Five virtual banking licenses auctioned for $404,000 May 2007 Financial Times, June 2007 Teigland 2008

Slide 80: Sources  Ahlstrom, D. & Cook, C., Global Strategy: Entering Foreign Markets, South-Western, 2005.  Burke, Chapter 12: Entering Foreign Markets.  Chapter 3: Developing Strategic Capabilities, McGraw-Hill.  Delfmann, W. Boundaries of International Business Activities, University of Cologne.  Fey, C. International Business, Stockholm School of Economics, 2008.  GEB 6365 - INTERNATIONAL BUSINESS, EXECUTIVE MBA, The Internationalization Process & Market Entry Strategies, 2006.  Gemcom, Triumphs & Tragedies in International Business, WAGON Conference, Perth April 2008.  Grant, R. Contemporary Strategy Analysis, Blackwell, 2007.  McGee, J., Thomas, H. & Wilson, D. Strategy: Analysis and Practice, McGraw-Hill, 2005.  Porter, ME. Competitive Strategy, Free Press, 1980.  Porter, ME. What is Strategy? HBR, Nov-Dec, 1996.  Sölvell, Ö. The Radio Model, Stockholm School of Economics, 2007.  Teigland, R., Fad or Future: What do virtual worlds have to offer?, www.slideshare.net/eteigland/, 2008.

Slide 81: Thanks and see you in world! Karinda Rhode aka Robin Teigland robin.teigland@hhs.se www.knowledgenetworking.org www.slideshare.net/eteigland

Slide 82: THE INTERNATIONAL MARKETING RESEARCH PROCESS FIRM OBJECTIVE Market Orientation INFORMATION REQUIREMENT Firm’s Needs Strategic Orientation Problem Orientation PROBLEM DEFINITION Self Reference Criterion Country Region CHOOSE UNIT OF ANALYSIS Global Subgroup/Segments Within Countries Advantages / Disadavantages of Secondary Research Sources of Secondary Data EXAMINE DATA AVAILABILTY Can Secondary Data be Used? Types of Problems That CAn be Yes Solved Using Secondary Data No ASSESS VALUE OF RESEARCH Cost/ Benefit Analysis RESEARCH DESIGN Causal Measurement Construct Descriptive Issues in Primary Data Collection Types Exploratory Equivalence Sources of Bias Sampling Qualitative Methodsi Analysis Frequency & Ease of Use Surveys Coding Country/ Regional Data Preparation Specific Bias Wording Instrument Design Data Manipulation Format Scale Development T-tests & Cross TAbs Sampling Experimental Design & ANOVA DATA ANALYSIS Multivariate Techniques INTERPRETATION/ PRESENTATION GEB 6365

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